Technology is everywhere in the modern world because it makes life easier. So, it only makes sense to introduce technology in your business, too.
But we’re not talking about using Excel spreadsheets for your accounts or taking pictures of receipts for the books – we mean the latest technology for businesses cloud accounting software, like Sage or Xero.
Here’s everything you need to know.
An efficient way of working
Cloud accounting software automatically pulls through your financial data from various digital sources and apps into one space for you to see in real time.
Normally, that data would have to be keyed in manually, costing a lot of time and risking human error.
But with cloud technology, all you have to do is take a picture of your invoices or receipts and upload it to an app like Dext. Script reading technology will then transcribe the financial data from these into your cloud software, automatically uploading your financial data to your cloud software. Handy, right?
With all your data automatically pulled through, you can then run automated tasks like financial reports with just a touch of a button.
As accountants, all your data being on the cloud also makes doing your annual accounts and tax returns far easier for us, as there’s no to-ing and fro-ing with you about pieces of information you need to provide us with. Instead, all your data is right there on the screen.
Enhanced collaboration and insight
The reason why all your financial data, from receipts to payroll, can be displayed on your cloud accounting software is because all different types of apps can be integrated with it.
The result is all your financial information concentrated in one digital location that everyone on your team can access. It doesn’t hurt that software suppliers have designed their technology to be extremely easy to use and understand!
Crucially, this data is completely up to date – if an extra receipt is added, the entire system will automatically update to take account of that.
The fact that cloud software is always and completely up to date also helps us as your advisers. What you see, we see (if you’ve given us access of course!). Our conversations will be more illuminating than ever before, and will no longer be marred by missing paperwork or a misunderstanding of the numbers.
Accessible from any device – but safe and secure
‘The cloud’ is essentially another way of saying ‘the internet’. Therefore, to access your cloud accounting technology, all you need is a device with internet access.
That means you can get access to your current and accurate financial data no matter where you are, and even on your phone. That’s great if you travel a lot.
It also means you don’t have to bother with downloading software on your employees’ devices – all they need to do is log in online.
You don’t need to worry about security, though – cloud-based products have brilliant built-in security features, such as two-step authentication and hierarchical security access levels.
Furthermore, because cloud accounting software is hosted on a provider’s servers rather than locally on your computers, you will always be using the most up-to-date version of the software – and the latest protection against malware.
We love cloud accounting because of the value it allows us to deliver to our clients. Talk to us to get set up today.